KARACHI: Monday was a good day for the stock market because of reports that the International Monetary Fund might restart its loan programme (IMF).
Then, Faisal Shaji, a strategist at Standard Capital Securities, said there was still no euphoria-like surge in the prices of stocks.
Most of the rise in the benchmark was due to rising share prices in the fertiliser industry. Many important stocks in this sector will stop paying dividends on April 27. Investors jumped on the chance to get a good deal.
The current finance minister is going to cut back on subsidies at the IMF’s request before any real IMF money comes in, so “most of the investors took their profits,” said the man.
So, the KSE-100 index ended the day at 46,073.25 points, up 520.23 points, or 1.14 percent, from the same time last week.
In a single day, 69.5 percent more shares were traded, and the value of the trades increased by 82.4 percent to Rs9.66 billion.
Hum Network Ltd (46.87m shares), Telecard Ltd (35.49m shares), WorldCall Telecom Pakistan Ltd (31.98m shares), G3 Technologies Ltd (25.38m shares), and Ghani Global Holdings Ltd (25.38m shares) were some of the stocks that traded the most (21.76m shares).
Commercial banking (72 points), technology and communication (58.40 points), and chemicals (53.05 points) were the sectors that made up the most points in the benchmark index (44 points).
Systems Ltd (57.43 points), Engro Fertilisers Ltd (43.84 points), Engro Polymer and Chemicals Ltd (41.74 points), and The Hub Power Company Ltd (41.74 points) were the stocks that added the most to the index (40.69 points).
This is how it looked: Cnergyico PK Ltd lost 10.75 points. Maple Leaf Cement Factory Ltd dropped 7.01 points, Pakistan Telecom Company dropped 4.87 points, the National Bank of Pakistan dropped 4.05 points, and Fauji Fertilizer Bin Qasim Ltd dropped 4.05 points.
People who own shares in Lotte Chemical Pakistan Ltd, Engro Polymer and Chemicals Ltd, Pakistan Tobacco Company Ltd, Fatima Fertiliser Company Ltd, and Systems Ltd all saw their prices rise by more than 7%. (3.55pc).
